Business

OK shuts down loss making units 31 July 2018 HARARE - Zimbabwe Stock Exchange-listed supermarket chain, OK Zimbabwe, says it has shut down two of its loss making units in Harare in an effort to preserve shareholder value. “The loss making OK Wynne Street and OK Cameron were closed during the year as the group continued to rationalise its...
Tobacco earnings near $1bn 28 July 2018 HARARE - The 2018 tobacco marketing season ended on Friday with the country having surpassed the 2000 production record of 236 million kiligrammes(kg) which earned Zimbabwe over $920 million. Statistics from the Tobacco Industry and Marketing Board show that 2018 production increased to 240 mi...
Brainworks disposes GetBucks stake 28 July 2018 HARARE - Diversified investment holding company Brainworks says it has disposed of some of its stake in GetBucks Microfinance Bank, to reduce its short term debt. The disposal which decreased the company’s stake in Getbucks by about two percent to just under 30 percent, has generated $565 340,...
Medtech drags down ZSE 28 July 2018 HARARE - Pharmaceutical group MedTech shed 50 percent in Thursday’s trade, dragging the All Share Index down for the third consecutive day. The group — which posted a loss of $577 016 during the six months to June from $305 408 recorded in the same period in prior year — closed the session at ...
Business hunts for post-poll capital 27 July 2018 HARARE - Zimbabwean businesses have embarked on a number of capital-raising initiatives led by their executive managers and leaders in preparation for the country’s post-poll period, the CEO Africa Roundtable said on Wednesday. It said the elections that are set for Monday next week will unloc...
Zim tourism benefits from increased connectivity 27 July 2018 HARARE - Zimbabwe's tourism is reaping rewards of increased connectivity brought about by an influx of low-cost airlines following airport refurbishments around the country, NKC Economics (NKC) has said. In an update on the country’s tourist prospects, NKC said the country, which saw an increa...
Chivayo pledges $50k towards environment 27 July 2018 HARARE - Flamboyant businessman Wickenell Chivayo joined the fight for the preservation of the environment by pledging $50 000 towards The Diamond Land Ecohub during Wednesday night's Annual Green Ambassadors Guild Awards at Zimbabwe Parks and Wildlife offices in Harare. The chairperson of Int...
Saz applauds Fidelity Life Assurance 25 July 2018 HARARE - Standards Association of Zimbabwe (Saz) director-general Eve Gadzikwa has praised Fidelity Life Assurance of Zimbabwe for continually being certified by the standards body despite belonging to a sector in which most players don’t go beyond regulatory requirements. Gadzikwa, who handed...
Zinara seeks $30m to buy new equipment 25 July 2018 HARARE - The Zimbabwe National Roads Administration (Zinara) is seeking close to $30 million to purchase road construction equipment. Transport minister Joram Gumbo said government will contribute $20 million while the roads administrator will chip in with $8,3 million. “You will be aware t...
Businessman faces civil imprisonment 25 July 2018 HARARE - TETRAD Investment Bank Limited (Tetrad) has applied for civil imprisonment of  businessman Jameson Rushwaya after he allegedly failed to pay $174 000 owed to the financial institution. Tetrad Investment Bank is part of the Tetrad Group, a Zimbabwe-based organisation with interests in ...
Potraz connects marginalised border town 24 July 2018 HARARE - The Postal and Telecommunications Regulatory Authority (Potraz) yesterday unveiled a base station in Maitengwe, Matabeleland South, in a development that will see people living in the border area being connected to local mobile network operators. People in Maitengwe have been relying ...
Embrace technology: Ipec 24 July 2018 HARARE - The Insurance and Pension Commission (Ipec) has called on the local insurance industry to embrace blockchain technology as a way of improving service delivery. A blockchain is a distributed digital ledger that maintains a continuously-growing list of data blocks, each containing batch...
ZSE surge persists as polls approach 24 July 2018 HARARE - The Zimbabwe Stock Exchange (ZSE) defied the edgy election mood last week, ending the session with the mainstream All Share Index soaring 2,75 percent to 117,29 points while the Industrials added 2,84 percent to 394,35 points which was 2,06 points shy of the year high of 396,41 points. ...
Tobacco sales at all-time high 23 July 2018 HARARE - Zimbabwe's tobacco sales have reached a record high of 237,1 million kg with a week to go before the selling season ends, official data showed on Friday, raising hopes the second biggest export could help ease the country's severe dollar shortage. Growing demand from China, the world'...
China Railways officials jet in 23 July 2018 HARARE - China Railways Limited (China Railways) top officials arrived in Zimbabwe on Thursday to finalise a $2,5 billion railway deal with Zimbabwe. The delegation is led by vice president and senior engineer Shao Gang. Local partners for the project — Global Power Bridge International — are ...
'Bond notes stifling insurance sector' 21 July 2018 HARARE - The Insurance and Pensions Commission is targeting insurance penetration to reach seven percent by 2022 compared to the current 4,7 percent on the back of an anticipated economic growth. Zimbabwe remains in top five in the region in terms of insurance penetration. Paul Nyakazeya inter...
ZPC in $20m legal services bill scandal 19 July 2018 HARARE - The Zimbabwe Power Company (ZPC) is engulfed in a $20 million legal-payment row amid revelations that the Zesa Holdings subsidiary might have flouted procurement regulations by awarding such a hefty contract to Harare lawyer Sheila Mugugu without going to tender. In recent months, the...
Meikles profits rise 225 percent 16 July 2018 HARARE - Zimbabwe Stock Exchange listed conglomerate, Meikles Limited, says pretax profits for the year ended March 31, 2018 grew by 225 percent to $19,2 million, from $5,9 million during the prior comparable period in 2017. Revenue increase to $534,9 million during the review period, from $45...
Zim ranked lowest on income equality 16 July 2018 HARARE - Southern Africa is one of the regions with unequal incomes in the world, with Zimbabwe ranked among the lowest in the region, a report released by the African Union (AU) and the Organisation for Economic Cooperation and Development (OECD) Centre has revealed. Africa’s Development Dyna...
SA to release framework to raise $100bn 16 July 2018 JOHANNESBURG - The South African presidency is planning to release a framework document within two weeks, which will outline in greater detail how the government plans to raise $100 billion over five years. Trudi Makhaya, economic adviser to President Cyril Ramaphosa, told City Press during an...
Zim firms cut $3m deals in DRC 12 July 2018 HARARE - Zimbabwean resources companies have cut deals worth $3 million-plus with DRC corporations after participating at a mining exhibition in the central African country. The firms are working with large mining corporations such as Ivanhoe Mines, Kibali Gold Mine, Gecamines and Tenke Fungur...
Mobile penetration declines 10 July 2018 HARARE - Zimbabwe's mobile penetration rate declined by 18,1 percent to 84,6 percent in the first quarter of 2018 from 102,7 percent recorded in previous comparable period, latest data show. Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) director general Gift Machenget...
Tourist arrivals up 15pc 10 July 2018 HARARE - Tourist arrivals in Zimbabwe went up 15 percent to 554 417 from 480 510 in the quarter ended March 2018, latest statistics revealed. According to the Finance ministry's Fiscal Policy and Advisory Services Department update, tourism receipts also grew 20 percent to $190 million during ...
Nyaradzo launches Sahwira International Plan 10 July 2018 HARARE - Diversified insurance group, Nyaradzo Life Assurance Company has launched a funeral policy called Sahwira International Plan (Sip) meant for Zimbabweans in the Diaspora. Sahwira International Plan, which Nyaradzo chief executive Philip Mataranyika has described as a “solution and not ...
ZB's tech project boosts financial inclusion 10 July 2018 HARARE - ZB Bank (ZB) says its technological infrastructure project in the border city of Mutare has boosted financial inclusion in the remote region. Its chief executive, Ronald Mutandagayi, said the introduction of digital payment systems saw an increase in the region’s population that now k...